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Earnings Highlights | OKOMUOIL and MTNN Q1: 2024 Results
(Source: Afrinvest Research , Date: 30-Apr-2024)
Dear Afrinvestor,

It's Earnings Season! 

Quick Glance at the Highlight:
  • OKOMUOIL remained sturdy with a PBT growth of 54.8% y/y to ₦23.0bn amid stubborn inflationary environment - cost of sales and OPEX up 135.1% and 78.0% y/y to ₦10.3bn and ₦8.3bn, respectively - and mammoth net FX loss worth ₦1.6bn. The resilience was supported by robust improvement in revenue (up 79.6% to ₦43.5bn). 
  • Despite the 32.5% y/y growth in service revenue to ₦753.0bn, MTNN was unable to deliver a positive bottom-line performance due to the negative impact of further depreciation in the Naira and inflationary pressure on cost lines - COS and OPEX rose 40.1% and 88.8% y/y respectively. Hence, the company reported a pre- and post-tax loss of ₦575.7bn and ₦392.7bn respectively.
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